US Rents Climbed 1.5 Times Faster Than Wages in Last Four Years
Rents in most major US metropolitan areas have risen some 1.5 times faster than wages in the last four years, according to an analysis by Zillow Group Inc.
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Rents in most major US metropolitan areas have risen some 1.5 times faster than wages in the last four years, according to an analysis by Zillow Group Inc.
Places like New York City and San Francisco still have fewer workers now than they did before the pandemic, which continues to impact their labor market recovery, according to an analysis by the Federal Reserve Bank of New York out Tuesday found.
Guggenheim Partners is talking to lenders, including private credit firms, to gauge their interest in financing the potential $6.6 billion buyout of US department store chain Macy’s Inc. by investment firms Arkhouse Management Co. and Brigade Capital Management.
OQ Chemicals has appointed Hans-Joachim Ziems as chief restructuring officer, according to a person familiar, as the Germany-based firm faces nearly $1 billion in loan maturities this year.
For sale: Steel skeletons of three towers in downtown Los Angeles, erected by a Chinese developer that spent $1.2 billion before running into financial troubles.
Jun 8, 2016
Reuters
Canadian housing starts dipped last month as groundbreaking slowed in British Columbia, data released on Wednesday showed, which could ease concern that the western province's property market is overheating.
Even with the small decline, national housing starts remained solid at a seasonally adjusted annualized rate of 188,570 units in May from 191,388 in April, the report from the Canadian Mortgage and Housing Corp said.
May's figure was slightly short of economists' expectations for 190,000 units.
The decline was led by fewer multiple starts in urban areas, including Toronto, CMHC's Chief Economist Bob Dugan said.
Groundbreaking also declined in Vancouver. The country's two biggest cities have seen housing activity accelerate even as other areas have slowed due to an oil price shock, raising worries that Toronto and Vancouver could be in for a correction.
The slowdown in both cities in May were due to a decrease in construction of multiple units, which include condominiums, a particular source of concern for those worried about a housing price bubble.
Starts in urban centers in British Columbia declined to 35,312 units, while they edged up slightly to 64,918 units in Ontario. The damping effect of cheaper oil continued to be felt, with starts declining in the commodity-sensitive prairie provinces.
"The key themes in Canadian residential construction remain tucked well below the national surface," Robert Kavcic, senior economist at BMO Capital Markets, wrote in a note.
"That includes regional shifts in the wake of the oil price shock, and ongoing densification in Toronto and Vancouver."
Kavcic said May's figure puts the five-month average for the year so far at just under a 195,000 annualized pace, which is roughly in line with household formation.
Separate data from Statistics Canada showed the value of building permits issued in April fell for the second month in a row on lower construction intentions in Ontario.
Building permits were down 0.3 percent, missing forecasts for a gain of 1.5 per cent after March's 6.3 per cent decline. April marked the first time since February 2015 that the value of permits had dropped for two consecutive months.